Carlyle Group Plans Significant Investments in Egypt’s Oil and Gas - OILPRICE.com

Jun 27, 2024, 5:00 AM CDT

Tsvetana Paraskova

Investment firm Carlyle Group plans to make significant investments in Egypt’s oil and gas industry to boost domestic production and turn Egypt into an energy hub in the Mediterranean.

Executives from Carlyle met this week in Egypt with Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to discuss the investment firm’s plans for Egypt and the Mediterranean after Carlyle announced an acquisition of assets in the region last week.

Carlyle said a week ago that it had agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean.

Tech giants eye project in Cyprus - KATHIMERINI

26.06.2024

Major companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Energy, Trade and Industry Minister George Papanastasiou. He announced on Tuesday that formal tenders for the 150-megawatt project will be issued in September.

Papanastasiou outlined the government’s strategy to lower electricity costs, which he termed essential for enhancing the country’s economic competitiveness. The strategy is built on three pillars to turn Cyprus into an energy hub.

The first pillar is the rapid establishment of a liquefied natural gas import terminal for power generation. This project is expected to reduce pollutants by 35-40% and lower electricity costs by cutting down on the annual production of 3 million tons of carbon dioxide.